11pc jump in motor insurance claims in Q1

Muscat: Unaudited quarterly statements of insurance sector companies for Q1 2020 show that as many as 23,800 traffic accidents were recorded during the quarter. It included 4,100 ‘major’ accidents and about 19,700 ‘minor’ accidents, the Capital Market Authority (CMA) said.

Claims for minor accidents grew by 9 per cent during the quarter to more than 20,400 minor accidents, while claims against major accidents were up 11 per cent to 4,224 incidents.

The number of traffic accidents claims resulting in damage in addition to treatment expenses for bodily injuries climbed 12 per cent in the first quarter compared to the corresponding quarter of 2019. Claims for deaths increased 6 per cent to 145 traffic accidents.

Compensation paid out by insurance companies for financial damage resulting from minor traffic mishaps declined 26 per cent to RO 4.7 million during the quarter. However, payment towards major traffic accident claims rose more than 300 per cent to RO 2.45 million.

Claims involving major accidents which recorded both financial damage and treatment expenses increased 6 per cent to RO 1.3 million.  Blood money payments (diya) fell 19 per cent to RO 285,000.